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HNI CORP（HNI）与CarMax（KMX）财务数据对比。点击上方公司名可切换其他公司
CarMax的季度营收约是HNI CORP的8.5倍（$5.8B vs $683.8M），HNI CORP净利率更高（6.0% vs 1.1%，领先5.0%），HNI CORP同比增速更快（1.7% vs -6.9%），CarMax自由现金流更多（$1.1B vs $135.6M），过去两年CarMax的营收复合增速更高（1.5% vs 0.3%）
HNI公司是全球营收规模领先的办公家具制造商之一，同时也是全球壁炉产品行业的头部企业，生产销售燃气、电、燃木及生物质燃料壁炉、嵌入式炉具、取暖炉、饰面及相关配件。公司1944年由工程师C.麦克斯韦·斯坦利等三人联合创立，总部位于美国爱荷华州马斯卡廷。
CarMax是美国知名二手车零售企业，下设两大业务板块：零售运营业务与汽车金融服务。该品牌最初是电路城公司的副业项目，1993年9月在弗吉尼亚州里士满开设首家门店，截至2025年1月在全美共运营253家线下门店。
HNI vs KMX — 直观对比
营收规模更大
KMX
是对方的8.5倍
$683.8M
营收增速更快
HNI
高出8.6%
-6.9%
净利率更高
HNI
高出5.0%
1.1%
自由现金流更多
KMX
多$977.7M
$135.6M
两年增速更快
KMX
近两年复合增速
0.3%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $683.8M | $5.8B |
| 净利润 | $41.2M | $62.2M |
| 毛利率 | 42.1% | 10.2% |
| 营业利润率 | 9.4% | — |
| 净利率 | 6.0% | 1.1% |
| 营收同比 | 1.7% | -6.9% |
| 净利润同比 | -13.3% | -50.4% |
| 每股收益（稀释后） | $0.88 | $0.43 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收HNIKMX
| Q4 25 | — | $5.8B | ||
| Q3 25 | $683.8M | $6.6B | ||
| Q2 25 | $667.1M | $7.5B | ||
| Q1 25 | $599.8M | $6.0B | ||
| Q4 24 | $642.5M | $6.2B | ||
| Q3 24 | $672.2M | $7.0B | ||
| Q2 24 | $623.7M | $7.1B | ||
| Q1 24 | $588.0M | $5.6B |
净利润HNIKMX
| Q4 25 | — | $62.2M | ||
| Q3 25 | $41.2M | $95.4M | ||
| Q2 25 | $48.2M | $210.4M | ||
| Q1 25 | $13.9M | $89.9M | ||
| Q4 24 | $38.3M | $125.4M | ||
| Q3 24 | $47.5M | $132.8M | ||
| Q2 24 | $36.0M | $152.4M | ||
| Q1 24 | $17.7M | $50.3M |
毛利率HNIKMX
| Q4 25 | — | 10.2% | ||
| Q3 25 | 42.1% | 10.9% | ||
| Q2 25 | 42.9% | 11.8% | ||
| Q1 25 | 39.7% | 11.1% | ||
| Q4 24 | 40.5% | 10.9% | ||
| Q3 24 | 41.5% | 10.8% | ||
| Q2 24 | 41.9% | 11.1% | ||
| Q1 24 | 39.6% | 10.4% |
营业利润率HNIKMX
| Q4 25 | — | — | ||
| Q3 25 | 9.4% | — | ||
| Q2 25 | 10.2% | — | ||
| Q1 25 | 4.1% | 2.0% | ||
| Q4 24 | 8.5% | 2.7% | ||
| Q3 24 | 10.2% | 2.5% | ||
| Q2 24 | 8.6% | 2.9% | ||
| Q1 24 | 5.1% | 1.2% |
净利率HNIKMX
| Q4 25 | — | 1.1% | ||
| Q3 25 | 6.0% | 1.4% | ||
| Q2 25 | 7.2% | 2.8% | ||
| Q1 25 | 2.3% | 1.5% | ||
| Q4 24 | 6.0% | 2.0% | ||
| Q3 24 | 7.1% | 1.9% | ||
| Q2 24 | 5.8% | 2.1% | ||
| Q1 24 | 3.0% | 0.9% |
每股收益（稀释后）HNIKMX
| Q4 25 | — | $0.43 | ||
| Q3 25 | $0.88 | $0.64 | ||
| Q2 25 | $1.02 | $1.38 | ||
| Q1 25 | $0.29 | $0.58 | ||
| Q4 24 | $0.78 | $0.81 | ||
| Q3 24 | $0.98 | $0.85 | ||
| Q2 24 | $0.75 | $0.97 | ||
| Q1 24 | $0.37 | $0.31 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $28.1M | $204.9M |
| 总债务越低越好 | $324.2M | $16.6B |
| 股东权益账面价值 | $835.9M | $6.1B |
| 总资产 | $1.8B | $25.6B |
| 负债/权益比越低杠杆越低 | 0.39× | 2.74× |
8季度趋势，按日历期对齐
现金及短期投资HNIKMX
| Q4 25 | — | $204.9M | ||
| Q3 25 | $28.1M | $540.4M | ||
| Q2 25 | $38.2M | $262.8M | ||
| Q1 25 | $27.5M | $247.0M | ||
| Q4 24 | $28.9M | $271.9M | ||
| Q3 24 | $40.2M | $524.7M | ||
| Q2 24 | $33.5M | $218.9M | ||
| Q1 24 | $32.5M | $574.1M |
总债务HNIKMX
| Q4 25 | — | $16.6B | ||
| Q3 25 | $324.2M | $17.8B | ||
| Q2 25 | $444.4M | $18.0B | ||
| Q1 25 | $404.7M | $18.1B | ||
| Q4 24 | $344.6M | $18.1B | ||
| Q3 24 | $345.4M | $18.1B | ||
| Q2 24 | $462.3M | $18.2B | ||
| Q1 24 | $473.0M | $18.0B |
股东权益HNIKMX
| Q4 25 | — | $6.1B | ||
| Q3 25 | $835.9M | $6.2B | ||
| Q2 25 | $811.0M | $6.3B | ||
| Q1 25 | $803.6M | $6.2B | ||
| Q4 24 | $840.1M | $6.2B | ||
| Q3 24 | $846.6M | $6.2B | ||
| Q2 24 | $787.8M | $6.2B | ||
| Q1 24 | $771.5M | $6.1B |
总资产HNIKMX
| Q4 25 | — | $25.6B | ||
| Q3 25 | $1.8B | $27.1B | ||
| Q2 25 | $1.9B | $27.4B | ||
| Q1 25 | $1.9B | $27.4B | ||
| Q4 24 | $1.9B | $27.3B | ||
| Q3 24 | $1.9B | $27.3B | ||
| Q2 24 | $1.9B | $27.2B | ||
| Q1 24 | $1.9B | $27.2B |
负债/权益比HNIKMX
| Q4 25 | — | 2.74× | ||
| Q3 25 | 0.39× | 2.87× | ||
| Q2 25 | 0.55× | 2.86× | ||
| Q1 25 | 0.50× | 2.91× | ||
| Q4 24 | 0.41× | 2.92× | ||
| Q3 24 | 0.41× | 2.93× | ||
| Q2 24 | 0.59× | 2.95× | ||
| Q1 24 | 0.61× | 2.96× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $155.2M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $135.6M | $1.1B |
| 自由现金流率自由现金流/营收 | 19.8% | 19.2% |
| 资本支出强度资本支出/营收 | 2.9% | 2.4% |
| 现金转化率经营现金流/净利润 | 3.77× | 20.14× |
| 过去12个月自由现金流最近4个季度 | $189.5M | $1.9B |
8季度趋势，按日历期对齐
经营现金流HNIKMX
| Q4 25 | — | $1.3B | ||
| Q3 25 | $155.2M | $785.5M | ||
| Q2 25 | $31.1M | $299.5M | ||
| Q1 25 | $12.6M | $146.4M | ||
| Q4 24 | $51.2M | $-23.4M | ||
| Q3 24 | $128.5M | $619.1M | ||
| Q2 24 | $51.3M | $-117.7M | ||
| Q1 24 | $-4.3M | $309.6M |
自由现金流HNIKMX
| Q4 25 | — | $1.1B | ||
| Q3 25 | $135.6M | $654.0M | ||
| Q2 25 | $16.1M | $162.8M | ||
| Q1 25 | $-3.7M | $18.8M | ||
| Q4 24 | $41.5M | $-150.6M | ||
| Q3 24 | $114.0M | $509.9M | ||
| Q2 24 | $33.8M | $-221.6M | ||
| Q1 24 | $-15.5M | $199.8M |
自由现金流率HNIKMX
| Q4 25 | — | 19.2% | ||
| Q3 25 | 19.8% | 9.9% | ||
| Q2 25 | 2.4% | 2.2% | ||
| Q1 25 | -0.6% | 0.3% | ||
| Q4 24 | 6.5% | -2.4% | ||
| Q3 24 | 17.0% | 7.3% | ||
| Q2 24 | 5.4% | -3.1% | ||
| Q1 24 | -2.6% | 3.6% |
资本支出强度HNIKMX
| Q4 25 | — | 2.4% | ||
| Q3 25 | 2.9% | 2.0% | ||
| Q2 25 | 2.2% | 1.8% | ||
| Q1 25 | 2.7% | 2.1% | ||
| Q4 24 | 1.5% | 2.0% | ||
| Q3 24 | 2.2% | 1.6% | ||
| Q2 24 | 2.8% | 1.5% | ||
| Q1 24 | 1.9% | 2.0% |
现金转化率HNIKMX
| Q4 25 | — | 20.14× | ||
| Q3 25 | 3.77× | 8.24× | ||
| Q2 25 | 0.65× | 1.42× | ||
| Q1 25 | 0.91× | 1.63× | ||
| Q4 24 | 1.34× | -0.19× | ||
| Q3 24 | 2.71× | 4.66× | ||
| Q2 24 | 1.43× | -0.77× | ||
| Q1 24 | -0.24× | 6.16× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
HNI
| Systems Storage And Table | $309.9M | 45% |
| Residential Building Products | $166.9M | 24% |
| Seating Products | $161.1M | 24% |
| Other Products | $45.9M | 7% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
